Georgia battery company files bankruptcy

Exide Technologies, which makes vehicle batteries, filed for relief under Chapter 11 this week. The battery company hopes to restructure its debt through the bankruptcy filing. Higher product costs have caused profits to be lower than expected. Creditors holding debts that total over $1 billion are prohibited from collecting the debts from the company by the bankruptcy filing. Company assets are reported to be almost $1.9 billion as of the date of filing.

For more details about this bankruptcy case read, “Exide files for Chapter 11 bankruptcy protection.”

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